Huobi announces no-fee trading for PayPal’s $26M market cap PYUSD

Cryptocurrency exchange Huobi said it would list the newly launched PayPal’s PYUSD stablecoin soon, as per an Aug. 8 statement.

Huobi said it would be the first cryptocurrency exchange “to support the launch of PYUSD stablecoin and will provide PYUSD/USDT trading pairs with 0 trading fee permanently.”

Huobi failed to provide a definite timeline for when the listing would occur. However, it said it “will open trading for the first time” immediately “when the market circulation and liquidity conditions are ripe.”

On-chain data shows that 26.9 million PYUSD has been issued, with only eight holders. Paxos and an address, 0x264bd8, hold 99% of the stablecoin total supply.

Huobi battles insolvency rumors.

Huobi intends to list the PayPal stablecoin amid recent insolvency rumors surrounding the exchange.

CryptoSlate reported that Huobi did not record large outflows during the past week, as reported across various media platforms. A Huobi spokesperson blamed the reported outflows on errors from data sources.

On Aug. 7, Huobi further denied any reports that its executives were arrested in China, describing the news as “FUD,” and added that its platform was operating as usual and seeing active participation.

Justin Sun, Tron Network’s founder and Huobi advisor, also denied all of these rumors, saying:

“Trust in our vision and community efforts for a stronger future. Perseverance guarantees success!”

Sun urges PayPal to issue PYUSD on Tron

On Aug. 7, Sun invited PayPal to issue its newly launched stablecoin on his blockchain network, Tron.

Sun said:

“I cordially invite PayPal to consider issuing PYUSD on #TRON, which is Fast, secure, and cost-effective with 12 billion USD daily transactions. Mutual benefits await in the digital payment landscape. Let’s collaborate for a thriving ecosystem!”

According to DeFillama data, Tron is the second-largest blockchain for stablecoins, with around $43.96 billion worth of assets on the network. Tether’s USDT is the dominant stablecoin on Tron.

Earlier in the year, Sun said Tron was improving its infrastructure to grow its stablecoin market cap to $60 billion before the end of the year.

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